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Claim for preemption right in Inteco sale dismissed

12:35 13/03/2012

MOSCOW, March 13 - RAPSI. The Ninth Commercial Court of Appeals upheld the court dismissal of the lawsuit filed by businessman Viktor Baturin against the Inteco development company and its former owner Yelena Baturina.

In his lawsuit Baturin claimed the preemption right to purchase Inteco.

Last September Inteco reported on the sale of a 100 percent stake in the company to businessman and co-owner of the BIN group Mikhail Shishkhanov and Sberbank Investments. In December it became known that Shishkhanov and Sberbank Investments completed an acquisition of Inteco.

Shishkhanov bought 95 percent stake in the company and Sberbank Investments acquired 5 percent. The amount of the transaction was not disclosed however according to the media it was substantially reduced compared with initially declared amount of $1.2 billion after Baturina redeemed most loans.

Victor BaturinVictor Baturin

According to Baturin's statement of claim made available to RAPSI he shared the company with Yelena on an equal basis as was indicated in the shares issuance report dated February 14, 2000.

In February 2007, he and his sister entered into a settlement agreement whereby he owned 25 percent in the company and his sister committed not to dispose of Inteco shares without his consent.

In Baturina's view, by selling the 100-percent stake in Inteco, his sister also disposed of his shares, which she did not own. For this reason, he wants the transaction to be declared null and void.

Inteco is a diversified company and Russia's development market leader.

Yelena Baturina is Russia's richest woman and the wife of former Moscow Mayor Yuri Luzhkov.

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Claim for preemption right in Inteco sale dismissed

12:35 13/03/2012 The Ninth Commercial Court of Appeals upheld the court dismissal of the lawsuit filed by businessman Viktor Baturin against the Inteco development company and its former owner Yelena Baturina.
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